According to a recent report by IBEF, the real estate sector in India is expected to reach a market size of $1 trillion by 2030 and contribute 13% to the country’s GDP by 2025. With real estate being the second-highest employment generating sector in the country, it is one of the significant contributors to the Indian economy. The sector has been witnessing immense growth over the years, however, of late, what majorly resulted in the structural transformation in housing demand is the pandemic and the consequent lockdown. Being locked in for a longer time and with home becoming the epicenter of all activities, people realized the importance of owning a home, especially amidst the unprecedented circumstances.
With real estate emerging as a major player in boosting the national economy, the duty lies on large real estate developers to ensure and encourage responsible living. Over the past few years, climate change and sustainable development have become ever contextual. Hence, it is important to develop the right perspective towards combating climate change and actioning our commitment towards providing a better Earth to future generations.
The country’s construction sector is responsible for about 22% of the total emissions, while buildings contribute to one-third of global emissions. In such a scenario, a large-scale shift towards green housing acts as a viable way to address climate change. Through sustainable design, construction and operations, green buildings consume less water, optimally use energy, conserve natural resources, generate less waste, ensure healthier living spaces, while providing enhanced ventilation, adequate daylight, superior air quality, and overall well-being. For instance, at our developments we have implemented initiatives like use of solar for lighting common areas & streets, solar panels for hot water, waste water treatment plant, wet waste composting, rain water harvesting, to name a few.
Developers need to set their targets for achieving carbon-neutrality in their operations and accordingly formulate and implement sustainable frameworks. Successful pilot projects will provide opportunities to scale up feasible solutions and achieve significant emission reductions. The entire process can be devised in alignment with the internationally recognized GHG Protocol’s scope 1, 2, 3 emissions accounting standards to establish a baseline emission inventory.
The positive change is that with the lockdown experience revealing the downsides of energy-intensive buildings, consumers are now preferring more efficient properties. Considering residential developments, where people are spending a lot of time now, a new demand for green and efficient energy systems is pacing up. A recent survey by Lithium Urban Technologies too states that 69% of respondents have shifted towards a more sustainable way of living since the onset of the pandemic. The increase in environmental awareness has resulted in a higher preference for developers offering green housing or LEED-certified projects.
Studies reveal that another major contributor to the country’s CO2 emissions is the transport sector that accounts for 13.5% of emissions, with road transport only accounting for 90% of the sector’s final energy consumption. The traditional ICE vehicles (Internal Combustion Engines Vehicles) contribute to increasing air pollution, jeopardizing societal health outcomes, and perpetuating the use of fossil fuels. Having said that, a strong push towards clean mobility is crucial and the emergence of electric vehicles provides a ray of hope. EVs eliminate tailpipe emissions, reduce dependence on fossil fuels, improve community health, safeguard energy security, and improve prospects for employment. Rapid adoption of EVs coupled with electricity generation from renewable sources is the single highest impact that can be made on global emissions.
The evolving sustainable lifestyle has led to an increase in demand for EVs and subsequently for EV charging stations in buildings. Industry research shows that one in five prospective buyers is now asking for EV charging provisions as an amenity.
While governments are also promoting EVs through subsidies, gradual mandating of EV charging in residential societies and encouraging service providers to install charging infrastructure is essential. One of the major challenges observed in an EV purchase is range anxiety. Therefore, to foster EV adoption, initiatives need to be led by responsible developers by partnering with leading EV charging providers to instill confidence in the residents to make a switch. Lodha too recently tied up with Tata Power to provide EV charging solutions at all its projects in Mumbai MMR and Pune.
Real estate industry is playing an assertive role in shaping the narrative and adopting global best sustainability practices. Urban communities that are resilient and inclusive – socially, environmentally, and economically, are the need of the hour. The coming year will witness the industry taking more concrete steps to incorporate this multi-pronged approach into every aspect of the value chain.
Moreover, having sustainable amenities at the projects portray the image of an organization, enabling them to communicate and uphold their ESG goals. The fact that the last decade has witnessed rapid climate change and COVID is still prevalent, and these shocks have brought financial crisis and instability globally, and impacting governance, businesses, civil societies and infrastructure all over, calls for accelerating the ESG transformation process. Investors and lenders have also become highly sensitive and cautious towards environmental issues under the ESG standards.
A recent report by the Energy Policy Institute at the University of Chicago suggested that India is the second most polluted country in the world and that most of its population lives in areas where the annual average particulate level exceeds WHO guidelines. It is thus crucial to implement sustainable measures to achieve the targets of net-zero emissions. With the lead being taken by the responsible governments, the transportation industry, the power industry, and the largest real estate developers, a comprehensive view needs to be developed to combat climate change in India, and eventually provide a better quality of life to our future generations.
Authored article by Raunika Malhotra, President – Marketing & Corporate Communications, Lodha, published in Financial Express.
The right balance between nature and modern infrastructure has inspired people to live in one of
Witnessing the huge demand and the growth prospects, Grade A developers are fortifying their pres
Today, environmental sustainability is key in homebuying and investment decisions. Grade-A develo
Lodha Pay is introduced to provide safe and secure, online payment option to our customers.<
Our homes are safe havens for us and our families. With a significant change in lifestyles and th
A child’s environment plays a major role in their development because it includes the surroundi
Studies show that green buildings can save up to 30% of energy and 50% of water. Builders can swi
A home is no longer just a substantial investment – it offers the security of a much deeper, mo
Here we take a look at the benefits of investing in real estate, the various sops available for w
When moving to a new city for employment, rather than buying a house people preferred renting a h
One of the finest locations in the city of Mumbai - South Central Mumbai is house to some of the
Owning a home is an essential priority for each individual and an aspiration that one desires to
During the last few decades, we have grown as a company, and a nation, at an unprecedented rate.
Over the past couple of years Mumbai has undergone a sea of transformation. With several key infr
The last two years have been filled with life lessons for every individual. This has been a time
The first commercial tower of Lodha Group’s Palava, recognized as India’s No.1 Liveable City*
Given that real estate is always under scrutiny, it is evident that most people don’t understan
RERA is an Act to establish a regulatory body for regulation and promotion of the real estate sec
With meticulous planning, attention to detailing, focus on quality & great craftsmanship we h
A larger, more popular subject usually overshadows a small one. This can be true for people, plac
Shaishav Dharia, Regional CEO, Lodha Group, welcomes Ms. Ashima Bhat , Country Head - Finance, St
As the world of luxury has shifted away from a high price tag and brand/product-centricity and mo
With the new health and safety concerns, homebuyers are now giving more emphasis to the location
Women have been the most significant influencers when making the crucial decision of buying a hom
Lodha Group, India’s largest residential estate player, today announced that it will be launchi
With an emerging need for a low density living accompanied by the necessary social distancing mea
All ancient human civilizations were born and flourished around water. How essential water is for
Mint’s Pivot or Perish webinar held last month focused on the impact of COVID-19
In the past decade, the concept of luxury has experienced an evolution from something that was sy
Amidst the uncertainty that has engulfed the world, we understand you maybe in two minds about pu
Aside from the obvious financial benefits of home ownership, there are also many social, psycholo
As we start thinking of living in the post-COVID world, there are diverse perspectives on how cit
With the world progressively adapting towards the post Covid-19 lifestyle, consumer needs are als
In these unexpected times where the country is facing simultaneous health and economic challenges
Since the outbreak of COVID-19 pandemic those staying on rent are left questioning their choice.
Lodha Group: India’s No. 1 Real-Estate Developer announces the sale of INR 3000 cro
If you’re in the market looking to buy a house, it’s likely that you may have been charmed by
COVID-19 has made us realise the importance of owning a home. The sense of security and comfort d
A recent consumer research done by Lodha Developers with active home seekers in Mumbai region dur
At Lodha Group, our passion is to create landmarks that meet global standards. Every one of our d